Welcome to the latest edition of our financial reporting publication that aims to keep you in the loop with all the latest accounting and financial reporting developments, and the potential impact they may have on your business.

The last few months have been fairly quiet in terms of financial reporting developments. We’ve taken the opportunity to focus on the revised Research & Development Tax Incentive that kicked in on 1 July 2021 and remind entities how to account for these. We also remind NFP readers of recent changes to reporting thresholds and disclosures that registered charities need to be aware of. Listed entities have new Jobkeeper disclosure requirements to adhere to which we’ve summarised. We end this issue with a look at two recent agenda decisions issued by the IFRS Interpretations Committee.

In this issue:

Feature Article
  • Accounting for the R&D Tax Incentive
Not-For-Profit Entities
  • Simplifying financial reporting for charities
  • KMP and related party transactions disclosures
  • Post-implementation review of AASB 1058 Income of Not-for-profit Entities
Recent AASB Activity
  • Changes relating to deferred tax assets and liabilities arising from a single transaction
  • ASIC issues guidance regarding mandatory Jobkeeper reporting for listed entities
  • The features of audit committees that support audit quality
  • ASIC urges Australian CEOs to review whistleblower policies
Global Developments
  • Recent agenda decisions by the IFRS Interpretations Committee